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DC multifamily rents are the highest in the region with 14th Street leading the pack

  • ​Multifamily in DC commands higher rents than the surrounding suburbs. DC had an average effective rent of $2.94 p.s.f. in 2016 compared to $1.92 p.s.f. in Suburban Maryland and $2.09 p.s.f. in Northern Virginia.
  • Trophy micromarket: 14th Street rents are in a category of their own. All apartment units along 14th Street have delivered in the last five years. The micromarketis centrally located and a hub of millennial interest due to some of the region’s most dense retail offerings. As a result, the corridor achieves a 20% premium to the next comparable market.
  • A+ micromarkets (Average effective rents of $3.45-$3.60 p.s.f.): Shaw, Logan Circle, Dupont Circle and U Street are the four micromarkets immediately surrounding 14thStreet and command the highest rents in the region after 14th Street.
  • ​A micromarkets (Average effective rents of $2.80-$3.30 p.s.f.): The A micromarkets are bifurcated into established Northwest neighborhoods and emerging Northeast and Southeast neighborhoods. The new construction along H Street, Mount Vernon Triangle, Ballpark, Union Market and NoMa achieve rents comparable to those in the more established western neighborhoods of Adams Morgan and Cleveland Park.
  • A-micromarkets (Average effective rents of $2.15-$2.70 p.s.f.): The A-micromarkets span the DC Metro area, with Downtown Bethesda and Rosslyn commanding some of the highest rents in this segment. JLL expects the rents in many of the A-micromarkets to grow as renter demand shifts to more economical alternatives. Specifically, Southwest, Eckington, Ballston, Tysons, and Fort Totten all have multifamily projects under construction that will attract new demand and thus reset existing rent levels.​
Source: JLL Research

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